company's target of doubling VNB over the next 3-4 years. Shift in business mix is driving VNB with while improving distribution from non-banca is also helping. We are estimating strong 22-23% VNB growth led by gradual margin...

protection segment in the credit life and retail, while savings saw improvement as well on back of immediate annuity segment. Within mix of products ULIP mix continued to consolidate as company is focusing on widening the base. VNB margins remained at flattish levels of 17% but new improvement, in our view, will be slower given the cost strain. We retain BUY...

to be seen which are stable currently. Retain BUY with revised TP of Rs471 Management explained volatile scenario in financial markets, moving towards lower ticket size and monthly pay option product has led to decline but monthly numbers have shown pick up in business growth. We believe, growth impact is higher and will take some a few quarters to stabilize...

ICICI Life was among India's first private sector life insurance companies and offers its customers vast and diversified products in life insurance, health insurance and pension products & services. ICICI Life has strengthened its position in a highly competitive industry and remained the market leader among private life insurers with an overall market share of 12.0% and private market share of 22.3% in FY17. We believe that Indian life insurance industry is at the cusp of enormous growth driven by strong surge in volumes on the back of shifting preference of...